Spare Raises $42 Million in Series B Funding to Expand Demand Response Transit Solutions

Spare Founders Josh Andrews, Kristoffer Vik Hansen & Alexey Indeev (L-R) ● Photo Credit: Spare

VANCOUVER, British Columbia, September 11, 2024 (VSNewsNetwork.com) – Spare, a provider of mobility operations software, has raised $42 million CAD in a Series B funding round led by Inovia Capital. The funding, which also saw participation from Kensington Capital and Nicola Wealth, will support the expansion of Spare’s demand response transit solutions, with a particular focus on the paratransit sector and further development of its AI-powered platform.

The company’s software is designed to improve the efficiency and flexibility of transit services, addressing the growing demand for accessible transportation solutions. Spare aims to use the new capital to expand its global reach and enhance its ability to help transit agencies deliver better services for riders.

“We're incredibly grateful for Inovia’s continued support as our lead investor since day one; their guidance has been instrumental in our growth and success,” said Kristoffer Vik Hansen, CEO of Spare. “This capital allows us to serve more riders, providing the paratransit community with the great consumer experience they deserve. By harnessing advanced technologies, including Artificial Intelligence, we will further improve efficiency and cost-effectiveness for transit agencies, ultimately enhancing the rider experience, especially for the most vulnerable in our society.”

Spare has partnered with several major transit agencies, including Dallas Area Rapid Transit (DART), Bay Area Rapid Transit (BART), Alameda-Contra Costa Transit District (AC Transit), and GoDurham ACCESS in North Carolina. The company’s platform supports demand response services like ADA-paratransit and microtransit. One notable project has been with CapMetro Access in Austin, Texas, where Spare helped modernize the agency’s paratransit services.

Inovia Capital Partner Hugues Lalancette said, “This funding round will accelerate Spare’s mission to make transit more accessible by enabling the freedom of mobility. We continue to be impressed with their world-class product and the momentum they’ve built with partners.”

Spare operates in numerous cities across North America and internationally, providing AI-driven solutions to transit agencies to improve flexibility and efficiency in their operations.

For more information, visit www.sparelabs.com.

Source: Spare via Newswire